economic system

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economic system

a mechanism for tackling the twin problems of SCARCITY and CHOICE. Because economic resources are limited relative to society's demand for goods and services, some means of allocating resources between alternative ends is required. In the modem world, three basic allocative mechanisms perform this function: PRIVATE ENTERPRISE ECONOMY, in which resources are allocated through markets; CENTRALLY PLANNED ECONOMY, in which resources are all allocated by the state; MIXED ECONOMY, in which resources are allocated both by the market and by the state. See NATIONALIZATION, PRIVATIZATION.
References in classic literature ?
Janet would make a paragon of a wife -- cheery, economical, tolerant, and a very queen of cooks.
But he had learned how to be economical, and out of that four dollars he went on saving money.
Carey, thrifty by inclination and economical by necessity, accepted it with mingled feelings; he was envious of his brother because he could afford to give so much, pleased for the sake of his church, and vaguely irritated by a generosity which seemed almost ostentatious.
My father, at any rate, had such a decided bent in the direction of literature, that he was not content in any of his several economical experiments till he became the editor of a newspaper, which was then the sole means of satisfying a literary passion.
This milk was very sweet and good, and a beautiful transparent bluish tint; but in order to get cream from it in the most economical way, a peculiar process was necessary.
That'll give you two more dresses, with plenty for new sleeves, and to patch and let down with, an' be more economical.
That is the truth, senor," said one of the twelve; "we have not the money to get ourselves shaved, and so we have, some of us, taken to using sticking-plasters by way of an economical remedy, for by applying them to our faces and plucking them off with a jerk we are left as bare and smooth as the bottom of a stone mortar.
When Desiree returned in the evening, she told the poor girl that the convoi was arranged for the following morning, that she had ordered all in the most economical way, but that thirty-five francs were the lowest sou for which the funeral could be had.
Combining various features such as anti-virus, URL filtering, and anti-spam, UTM products provide a holistic and economical approach to security that is well suited for many small and medium businesses and enterprises (SMB/SME).
BioServe, a leading provider of rapid, economical processing and analyses of genomic content from biological samples, has been selected to work with scientists from the Harvard and University of Michigan Schools of Public Health on a landmark study aimed at understanding how genetics and environmental lead pollution interact to affect children's intellectual and behavioral functioning.
Among which, the investment in economical affordable houses was RMB 56.
Now more immigrants and foreign nationals living abroad can rely on us for a reliable and economical way to send money home," said O'Hagan.

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